Description
SEBI issues Notice of Demand under Recovery Certificate No. 8978 of 2025 dated December 19, 2025 against Megha Nibhwani (PAN: AXPPN4024M) in the matter of ISO at BSE.
Summary
SEBI has issued a Notice of Demand under Recovery Certificate No. 8978 of 2025 dated December 19, 2025 against Megha Nibhwani (PAN: AXPPN4024M) in connection with the matter of ISO (Initial Service Offering) at BSE. This notice is part of SEBI’s enforcement and recovery proceedings against defaulters who have failed to comply with regulatory obligations or pay dues.
Key Points
- Recovery Certificate No. 8978 of 2025 issued on December 19, 2025
- Defaulter: Megha Nibhwani (PAN: AXPPN4024M)
- Matter relates to ISO at BSE
- This is a formal demand notice for recovery of dues
- Part of SEBI’s enforcement action against non-compliant entities/individuals
Regulatory Changes
No regulatory changes. This is an enforcement action under existing SEBI recovery mechanisms.
Compliance Requirements
- The defaulter (Megha Nibhwani) is required to comply with the demand notice
- Failure to comply may result in further recovery proceedings including attachment of assets
- This serves as a public notice of the recovery action being taken
Important Dates
- December 19, 2025: Date of Recovery Certificate No. 8978 of 2025
- Payment/compliance deadline would be specified in the detailed notice
Impact Assessment
Market Impact: Minimal. This is an individual enforcement action with no direct impact on market operations or listed securities.
Regulatory Impact: Demonstrates SEBI’s continued enforcement efforts against defaulters and non-compliant market participants. Serves as a deterrent for similar violations.
Individual Impact: High severity for Megha Nibhwani who faces recovery proceedings and potential asset attachment if dues are not paid.
Impact Justification
Individual enforcement action against a defaulter. High severity for the individual involved but low market-wide impact. Relevant only to the specific defaulter and enforcement proceedings.